Picking up the Fake Projects...

If you are in crypto for some time than I assume you must have fallen prey to a false/fake coin/project. In my case, the answer would be, a huge "YES"! Over the past years, I have made some grave mistakes with my moneeeee. Not that I regret those but the lesson which I have learned over the time, those are precious ones.


Now that we have come to the fact about wrong investments, lets get the fact straight why does it happen and how we become a victim of those projects?


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For starters, when a new project starts it gives a lucrative offer which is really hard to resist. Last year, when the defi craze was at peak, many defi projects came to existence. Which eventually gave a high APY on certain deposits. Many were live and were operating on a equal basis. Since the craze was at peak, many people entered without even doing any sort of research. Just the juicy APY made them go blind. Hence Greed played a huge role in here. They operated for a certain period of time and they did as they promised. But as soon as they got some huge funds in their wallet, they made exit plans. Taking all the funds and moving away from it. Which is why whenever I see a high return on any investment, naturally my instincts somehow says me to stay back. DYOR and than get into it if everything goes well.


Another way to see and witness about a project's validity is the people who are behind it. I remember the line, invest on people not the project. If you know who are behind a project than the usability and their past does decides the future of that project. Those who have a good and a decent past, they will definitely make an impact on that certain project.


The next and the most important part which plays a role in our future. HODL! Yep, the prime and most important part of our future. I regret about the fact, how many coins were in my wallet. But I sold maximum of those just because of a nifty profit compared to now. If even half of those were in my possession as of now, I would have been a double or triple whale in HIVE ;) So figure out some coins which has the potential to grow in the future and learn to hodl them for years ;) I know how difficult that is but yeah if you can pull that out, you are going to be a bank for yourself in the future. As crypto is going to change the world in several ways ;)


Nevertheless, I just want to say, there will be hundreds of scam projects lurking to take your investments. Before even giving a dime of your asset to those projects ask yourself these partivular questions :

  • Why are they giving such high returns ?
  • Who are the people behind it?
  • The ulterior motive of that project?
  • The mechanism behind the project?
  • Who is behind the project?
  • The sustainability of the project?
    last but not the least is it worth your time and money?

I just wish you do not fall prey to any of the scam sites and loose your money. I know that feeling and it suckzzzzz real bad! So DYOR guys and make your investments worth it ;)


Image source : 1



Best regards
Rehan

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